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2010Year In Review

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Slight Improvement in Economy

12/31/09 12/31/10 ChangeDow Jones 10,428 11,585 1,100

US GDP Growth 5.00 3.20 -1.8

US Unemployment Rate 10.00 9.40 -0.6

NJ Unemployment Rate 10.00 9.10 -0.9

Home Price Index(S&P/Case-Shiller)

169,300 171,300* 2,000

* Median price of existing home sales (November 2009 / November 2010)

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30-Year Interest Rate Comparison

Source: Phoenix Advisors, LLC

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U.S. Municipal Bond Volume

Source: Thomson Reuters

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National General Use of Proceeds

Source: Thomson Reuters

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2010 Higher Ed. Issuance by Quarter

Source: Phoenix Advisors, LLC

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NJEFA Issuance Overview

By Par Amount (in Million $)

By Number of Issues

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NJEFA New Money vs. Refunding

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2010 TransactionsPublic Institutions• The College of New Jersey - $44,500,000• Kean University - $10,000,000 • New Jersey City University - $42,375,000• Thomas Edison State College - $700,000 • New Jersey Institute of Technology -

$71,415,000• Passaic County Community College -

$13,635,000

Private Institutions• Princeton University - $250,000,000• Princeton Theological Seminary - $68,785,000• Drew University - $15,580,000• Centenary College - $13,974,000

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The College of New Jersey

School of Education

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New Jersey City University

Hepburn Hall

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New Jersey Institute of Technology

Central King Building

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Passaic County Community College

Academic Building and “One-Stop” Career Center

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Princeton University

Chemistry Building

Neuroscience and Psychology Building

Jadwin Hall

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Princeton Theological Seminary

Student Housing Facility

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Princeton Theological Seminary

Library

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Drew University

University Center

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Centenary College

Lackland Performing Arts Center

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NJEFA Operations

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Forward Calendar - 2011Public Institutions

Kean University$15 million – Acquisition and installation of equipment

(tax-exempt lease financing – closed 2/15/11)Montclair State University

$119 million – Construction of two new academic buildings and related capital improvements

Ramapo College of New Jersey$27 million – Refunding and renovation of the student center

Private InstitutionsFairleigh Dickinson University

$25 million – Renovations and additions to the library and various capital improvements

* Deals and amounts as of 2/22/11

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New Initiatives for 2011

• Operating Authority

• By-Laws

• Procurement Policies

• Review of EFA Services

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Thank You